Veterinary Ophthalmology Equipment Market

Veterinary Ophthalmology Equipment Market Size, Share & Trends

The size of global veterinary ophthalmology equipment market in terms of revenue was estimated to be worth $485 million in 2024 and is poised to reach $697 million by 2029, growing at a CAGR of 7.5% from 2024 to 2029. The comprehensive research encompasses an exhaustive examination of industry trends, meticulous pricing analysis, patent scrutiny, insights derived from conferences and webinars, identification of key stakeholders, and a nuanced understanding of market purchasing dynamics.

The veterinary ophthalmology equipment market is fueled by increasing demand for specialized pet eye care, technological advancements, and increased pet healthcare expenditure, but challenges include high costs and limited specialist access.

In this report, the veterinary ophthalmology equipment is segmented into – animal type, application, product, end user and region.

Veterinary Ophthalmology Equipment Market Trends

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Veterinary Ophthalmology Equipment Market Dynamics

Driver: Rising pet ownership and pet care expenditure

The increasing trend in pet ownership and the growing expenditure on pet care are driving the expansion of specialized veterinary services, including the veterinary ophthalmology market. The number of households owning pets has steadily risen due to demographic changes, increasing income levels, and the COVID-19 pandemic. According to a study published by HealthforAnimals, over two million people in the UK and more than a million in Australia adopted pets during the pandemic lockdown. This surge in pet ownership has resulted in heightened awareness and concern for pet health, including eye health, leading to a greater demand for specialized veterinary services.

Restraint: High cost of veterinary care.

The high cost of veterinary care, especially in specialized areas like ophthalmology, presents a significant challenge for the veterinary ophthalmology equipment market. The expensive diagnostic and treatment equipment required for animal eye care can be unaffordable, impacting both the ability of veterinarians to invest in new technologies and the willingness of pet owners to seek treatment.

Opportunity: Strategic developments by market players create an opportunity for growth

Strategic activities, such as partnerships and collaborations among market players, can create significant opportunities for growth. They can facilitate the growth of a market player by leveraging shared expertise, increasing the customer base, enhancing product offerings, accessing new markets and technology, sharing costs, enhancing credibility, and jointly innovating and conducting research & development.

The global veterinary ophthalmology equipment market is seeing growth due to several companies establishing partnerships and collaborations. The figure below illustrates recent partnerships and collaborations among market players and how these collaborations have contributed to their market growth.

Challenge: Limited awareness among pet owners

The lack of awareness about pet eye health can result in under-diagnosis of eye conditions, delayed treatment, and slower growth in the market of specialized tools and treatments. To address this challenge, various initiatives are being implemented to raise awareness about eye healthcare for pets. For example, TMV UK holds a "National Pet Eye Health Awareness Week" every September to educate pet owners about identifying common eye issues in pets and guiding them on necessary steps to address these problems. As part of this initiative, the organization conducts a social media campaign to spread awareness, and many people engage with them through this campaign.

Veterinary Ophthalmology Equipment Ecosystem

In the veterinary ophthalmology equipment market, the ecosystem encompasses a network of interconnected stakeholders and components, ranging from manufacturers and distributors of ophthalmic devices to veterinary clinics, hospitals, and research institutions. Manufacturers develop and supply a diverse range of equipment, including fundus cameras, optical coherence tomography (OCT) scanners, surgical instruments, and diagnostic tools tailored specifically for veterinary ophthalmology.

Distributors play a crucial role in the supply chain, ensuring the efficient distribution of equipment to veterinary facilities worldwide. Veterinary clinics and hospitals serve as end users, employing ophthalmic equipment for routine eye examinations, diagnostics, and surgical interventions in animals. Regulatory bodies and industry associations also influence the market landscape by establishing standards, guidelines, and certifications to ensure product quality, safety, and compliance. Overall, this interconnected ecosystem fosters collaboration, innovation, and advancement in veterinary ophthalmology, ultimately benefiting both animal patients and caregivers

By product, Surgical Equipment, Disposables, and Implants are expected to show the highest CAGR from 2024 to 2029.

The product segment is segmented into diagnostic devices and Surgical Equipment, Disposables, and Implants. The rising demand for veterinary ophthalmic surgeries, coupled with the higher cost and frequent replacement needs of surgical equipment, disposables, and implants,  contributes to this segment experiencing the highest CAGR in the veterinary ophthalmology equipment market.

By application, treatment is expected to show the second highest CAGR from 2024 to 2029.

The combination of increasing prevalence of eye disorders, advancements in treatment technologies, growing demand for minimally invasive procedures, pet owner awareness, expansion of specialty clinics, increased healthcare spending, and technological innovations collectively contribute to the high growth rate of the treatment segment in the veterinary ophthalmology equipment market.

By animal type, canine is expected to grow at the largest share of the global veterinary ophthalmology equipment market.

Pet owners are increasingly aware of the importance of regular eye examinations and treatment for their canine companions. Advances in veterinary medicine have expanded the range of available treatment options for canine ophthalmic conditions, including surgical procedures, pharmacological treatments, and advanced diagnostic techniques. The larger dog population, breed predispositions to certain eye conditions, higher pet healthcare spending on dogs, and availability of specialized equipment solidify the canine segment's position as the leader in the veterinary ophthalmology equipment market.

North America accounted for the largest share of the global veterinary ophthalmology equipment, by region in the forecast period.

North America holds the largest market share in the veterinary ophthalmology equipment market due to factors such as high pet ownership, advanced veterinary infrastructure, pet health awareness, key market players, and a favorable regulatory landscape. Pet owners are more likely to seek veterinary attention for their pets' eye problems, leading to a larger market for ophthalmic equipment. However, developing veterinary infrastructure and lower disposable income levels in other regions may limit the market size. Despite these challenges, North America's high pet ownership rate, emphasis on pet healthcare spending, advanced veterinary infrastructure, and key market players contribute to its market dominance.

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Key Market Players

The key players in the market include Bausch + Lomb Corporation (Canada), Revenio Group Oyj (Finland), Halma Plc (Keeler, a wholly owned subsidiary of Halma Plc) (UK), Baxter International, Inc. (Hill-Rom, a wholly owned subsidiary of Baxter International, Inc.) (US), AMETEK, Inc. (Reichert, Inc., a wholly owned subsidiary of AMETEK, Inc.)(US), HEINE Optotechnik GmbH & Co. KG (Germany), LKC Technologies, Inc. (US), IRIDEX Corporation (US), Optomed Plc (Finland), Ocularvision, Inc. (US), AN-VISION (Germany), Eidolon Optical LLC (US),  Yuesen Med (China), Ocuscience (US), GerVetUSA (US), Kowa American Corporation (US), AJL Ophthalmology S.A. (Spain), Optibrand Ltd. (US), Alcon Inc. (Switzerland), USIOL, Inc. (US), I-MED Animal Health (Canada), Freedom Ophthalmic Pvt. Ltd. (France), New World Medical (US), Nova Eye Medical (Australia) and CorNeat Vision (Israel).

Scope of the Veterinary Ophthalmology Equipment Industry:

The study categorizes the veterinary ophthalmology equipment market to forecast revenue and analyze trends in each of the following submarkets:

By Product

• Diagnostic Devices
  • Ophthalmoscopes
    • Direct Ophthalmoscopes
    • Indirect Ophthalmoscopes
  • Tonometers
    • Applanation Tonometers
    • Rebound Tonometers
  • Retinoscopes
  • Electroretinography (ERG) Devices
  • Fundus Cameras
  • Slit Lamps
  • Other Diagnostic Devices
• Surgical Equipment, Disposables, and Implants
  • Operating Microscopes
  • Phacoemulsification Devices
  • Bandage Contact Lenses
  • Ophthalmic Implants
• Shunts
• Other Surgical Equipment & Disposables, and Implants

By Application

• Treatment
  • By Type
    • Surgery
    • Laser Therapy
  • By Indication
    • Glaucoma
    • Corneal Defects
    • Cataracts
    • Other Indications
• Diagnosis And Monitoring

By Animal Type

• Equines
• Canines
• Felines
• Other Animals (zoo, aquatic and exotic animals)

By End User

• Veterinary Hospitals
• Specialty Clinics
• Other End Users (Academic & Research Institutes and Pre-Clinical Research Organizations)

By Region

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • Rest of APAC
• Latin America
• Middle East & Africa

Recent Developments of Veterinary Ophthalmology Equipment Industry

• In August 2020, Bausch Health Companies Inc. announced the spin-off of its leading eye health business into an independent publicly traded entity (Bausch + Lomb - NewCo) from the remainder of Bausch Health (BHC). It will consist of Bausch Health's global vision care, surgical, consumer, and ophthalmic Rx businesses.
• In December 2021, Baxter acquired Hill-Rom to expand its product portfolio to include ophthalmology products through Welch Allyn, which was previously acquired by Hill-Rom.
• In March 2021, IRIDEX Corporation and Topcon Corporation entered into strategic collaboration that included Multiyear funding for strategic growth initiatives, particularly those designed to drive expanded market penetration of IRIDEX’s unique non-incisional glaucoma therapy products.
• In May 2023, Optomed Plc (Netherlands) and Topcon Corporation entered into a partnership to distribute the Optomed Aurora handheld fundus camera together with Thirona Retina’s AI in Europe and select Middle Eastern and Asian countries.

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